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                                                                                                                                     TSXV: THX

May 13, 2026

Vancouver, British Columbia

HIGH-GRADE EXPLORATION RESULTS CONFIRM EXPANDING GOLD FOOTPRINT AT THE DOUTA PROJECT, SENEGAL

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to announce its first set of drilling results from its 2026 drilling program at the Douta Project, following the completion of the Douta Pre-Feasibility Study ("PFS") earlier this year.

These drilling results are from the three Licences that constitute the Douta Project Senegal (the "Douta Project" or the "Project"), namely the original Douta licence, the Douta West Licence, which lies contiguous to the west of the original Douta licence, and the adjoining Bousankhoba Licence.  

The Douta Gold Project encompasses the Makosa gold deposits and an initial resource from Baraka 3, which currently comprises a total resource of approximately 1.97 million ounces ("Moz") of gold ("Au"), consisting of an indicated resource of 50.6 million tonnes ("Mt") grading 1.0 grammes per tonne ("g/t") Au for 1.7 Moz Au, together with an inferred resource of 9.3 Mt grading 0.9g/t Au for 0.27 Moz Au. The current reserves total 36.6 Mt grading 1g/t Au for 1.2 Moz Au.

Since the publication of the Pre-Feasibility Study in early 2026, exploration activities have focused on identifying additional oxide resources that are either:

·      Extensional to, or peripheral to, the existing Baraka 3 and Makosa Tail deposits

·      New targets located within the Bousankhoba exploration permit that have been generated through Rotary Air Blast ("RAB") drilling.

Highlights

The assay results include:

            Baraka 3 Deposit

·      Drillhole DWDD003 -  5.5m at 2.91g/t Au from 185 metres ("m")

·      Drillhole DWRC453 -   7.0m at 4.28g/t Au from 122m

·      Drillhole DWRC523 -   18m at 1.31g/t Au from 90m

·      Drillhole DWRC543 -   9m at 1.62g/t Au from 24m

Makosa Tail

·      Drillhole DTRC1211 -  4m at 3.26g/t Au from 24m

·      Drillhole DTRC1193 -  4m at 3.06g/t Au from 20m

Bousankhoba Prospect

·      Drillhole BSAC045 -    4m at 17.0g/t Au from 7m

·      Drillhole BSA019 -      4m at 4.56g/t Au from 6m

Segun Lawson, President & CEO, stated:

"The Douta Pre-Feasibility Study has already confirmed a robust, long-life project with strong economics and a fast payback period.  The current drilling campaign on our extended land package is designed to further improve the project economics by extending the Oxide Phase of the Project. This first set of drilling results demonstrates the potential for additional exploration upside within our portfolio, which we intend to continue to drill out through the development phase of the Project.

"The ongoing 40,000 metre drilling program has been designed to upgrade the classification of inferred mineralisation that currently lies within the pit shells, and to test several previously delineated oxide targets in the Douta, Douta-West and Bousankohba licences.

"These initial results are encouraging as they have successfully intersected wide, shallow, high-grade oxide mineralisation. At Makosa Tail, drilling has successfully extended the strike length of the previously defined mineralisation, and in the Bousankhoba licence, drilling has successfully intersected new oxide mineralisation.

"The drilling has also successfully intersected mineralisation in currently inferred areas within and below the designed Baraka 3 PFS pit shells, and we anticipate this drilling will improve the existing PFS Mineral Reserve.

"We look forward to completing the drilling program, which is targeting ultimately extending the life of the low cost, high margin Oxide Ore Phase of the Douta Project. This has been a strong start to achieving this.

"We continue to progress our post PFS workstreams and anticipate full permitting and the start of construction later this year."

Introduction

The Douta Gold Project comprises three permits located within the Kéniéba inlier, eastern Senegal; the Douta mining lease application Demande No.11618, Douta West, comprising exploration permit E03709, which contiguous with Demande No.11618 and the exploration permit EL02254 known as Bousankhoba (Figures 1 and 2).

Since early 2026, the Company has focused on defining new mineral resources around or extending from the Baraka 3 and Makosa Tail deposits, with the objective of adding oxide gold ounces that could be integrated into future resource upgrades or mine planning.

Figure 1: Project Location Map

Figure 2: Exploration Activity Location Map

Baraka 3 Drilling Results

The geology at Baraka 3 comprises a steep west-dipping succession of greywackes and shale. Gold mineralisation is developed over a true width of between 12m and 17m and is associated with a greywacke-hosted quartz-carbonate stockwork that features strong limonitic and sericitic alteration.

Two main zones, a northerly-trending east zone and a north-easterly-trending west zone, are delineated over a cumulative strike length of approximately 2 kilometres (Figure 3). The drilled holes targeted areas peripheral to the mineral resource estimate ("MRE") and further along strike towards the north. Drilling was also completed within the optimised pit shell to convert current inferred resources to the existing MRE and reserves.

Drill samples were analysed by ALS Laboratories in Mali using the AA26 fire assay method (50 gramme charge). The complete table of results is shown in Appendix 1. The significant intersections from this program are listed in Table 1.

In the section drilled post the MRE cut-off, a deeper parallel zone returning 7m grading 4.38 g/t Au from 122m was intersected in hole DWRC453 (Figure 3), whilst hole DWRC163 from the previous drilling programme returned 14m grading 8.91 g/t Au from 1m. Continuing upgrades such as these are expected to add to the optimised resource base.

The Company believes that the drilling results will positively impact both the classification and the global tonnage of the resource. The high metallurgical recoveries at Baraka 3 mean that resources from this area enhance the viability and efficiency of the mine plan, and thus, further exploration is planned to enable resource growth.

Table 1: Baraka 3 Significant Results (>5 gramme-metres)

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

Figure 3: Baraka 3 Drillhole Location Map

Makosa Tail

A total of 58 reverse circulation ("RC") drillholes (3,247m) were completed both within the currently planned open pit area and the strike extensions to the southwest (Figure 4). Significant intersections are summarised in Table 2.

The results received to date, including 4m grading 3.26g/t Au from 4m in hole DTRC1211, indicate that extensions to the mineralisation extend beyond the perimeter of the current pit design. Further drilling is planned to follow this trend towards the southwest.

Table 2: Makosa Tail Significant Results (>3 gramme-metres)

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

Figure 4: Makosa Tail Drillhole Location Map

Bousankhoba Exploration Drilling Results

The Bousankhoba permit is underlain by rocks of the Dialé-Daléma Supergroup, consisting of sedimentary and volcano-sedimentary sequences metamorphosed to greenschist facies, with localised amphibolite facies near later-stage intrusive bodies. This geological environment is highly prospective for vein-hosted, shear-related gold systems typical of the region.

An extensive first-stage exploration program, comprising 20,243 soil geochemical samples, has defined multiple gold anomalies associated with a major shear zone extending over 18 kilometres of strike. Two priority targets, Massa Massa and Sekhoto, are positioned along this significant structural corridor.

Sekhoto North Results

At the Sekhoto Prospect, gold mineralisation has been delineated over approximately 1.5 kilometres of strike, coinciding with a prominent north-east trending shear zone (Figure 5). Several parallel mineralised structures, partially tested to the east and west, offer significant potential for additional discoveries.

Approximately 3 kilometres north of Sekhoto, the Sekhoto North Prospect has been defined by strong gold-in-soil anomalies. A first-pass air-core drilling program over these anomalies that was completed by Thor in early 2026, delivered multiple significant intersections, confirming the presence of bedrock-hosted gold mineralisation and validating the soil geochemical data (see Table 3).

Initial drilling has returned standout intercepts, including:

·      4 metres grading 17 g/t Au,

·      4 metres grading 4.56 g/t Au, and

·      2 metres grading 9.09 g/t Au.

Table 3: Bousankhoba Significant Results

(0.5 g/t Au lower cut off; minimum width 2m with 2m max internal waste)

Figure 5: Sekhoto North Sampling Results

These results demonstrate the potential for significant high-grade mineralisation within a structurally controlled system, with gold hosted in multiple sub-parallel shear zones across the prospect area.

Building on these positive results, the Company has designed a follow-up work program comprising both extensional air-core ("AC") and infill RC drilling. This campaign aims to:

·      Better define the geometry and continuity of the mineralised zones,

·      Test for strike and depth extensions of the high-grade structures, and

·      Refine geological and structural models to support future resource evaluation.

Massa Massa Results

The Massa Massa Prospect is located in the northern portion of the Bousankhoba exploration permit and covers an area of extensive artisanal gold workings. These workings align with a series of parallel north-east trending shear zones that form a semi-continuous strike length of 4.2 kilometres. Exploration completed to date comprises 564 rock chip samples that were collected from the vicinity of the artisanal workings. High-grade rock chip samples, which are distributed continuously along the sampled workings, are associated with ferruginous quartz-veining that is developed within a steep west-dipping sequence of shale and greywacke.

The Company intends to immediately mobilise an RC rig to this area, which has yet to be drill-tested.

Figure 6: Massa Massa Geochemical Sampling Results

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approved the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd

Email: [email protected]

Canaccord Genuity (Nominated Adviser & Broker)

James Asensio / Henry Fitzgerald-O'Connor / Rory Blundell / Harry Rees

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

Yellow Jersey PR (Financial PR)                                      

Charles Goodwin / Shivantha Thambirajah

Tel:  +44 (0) 20 3004 9512

BlytheRay (Financial PR)                                    

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Appendix 1

Baraka 3 Drillhole Summary >2 gram-metres

(0.5g/tAu cut off, 2m minimum width, 2m maximum internal dilution)